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Preventing emergencies: Insurtech that protects us in troubled times

COVID-19 has made people acutely aware of the pressure being placed on healthcare professionals and insurance systems. Insurtech solutions that alleviate this are valuable, a point that was recognized at this year's Efma-Accenture Innovation in Insurance Awards.

Winning gold in this year's Insurtech category was bAIby (pronounced "baby", but with AI for "artificial intelligence" – in the middle). As all parents know, the first days of infanthood are a roller coaster of emotions, knowing what a baby wants can be difficult. Persistent crying can lead to new parents going to the doctor or the hospital, although the past year will also have been discouraged from doing so by the pandemic, which increases the stress of the situation.

bAIby's BabyT translator uses AI to interpret a child's crying. During the first six months of his or her life, these cries are a universal language that has five distinct sounds, reflecting:

  • hunger
  • drowsiness
  • discomfort
  • trapped wind
  • and stomach pain

Zoundream is the brains behind BabyT, the team that created the AI ​​solution. But developing an AI solution for babies requires the collection of massive amounts of data. And that's exactly how HITS and Jeniot, two Generali innovation companies, helped Zoundream by enlisting young parents from Generali to test BabyT with their newborns in Italy and Switzerland to collect more baby cry data.

“Newborns talk to us every time they cry. Every second of sound is an incredibly valuable source of information, with literally millions of data points about the child's needs, physical and mental status, says Roberto Iannone, co-founder of Zoundream. "Today we finally have the tools to decipher that information."

The technology even enables early detection of pathologies such as autism, hyperthyroidism and hearing loss. This type of technology has the potential to change the relationship between insurers and their customers.

"Becoming a lifetime partner for our customers is the ambition that Generali anchored in its strategy, and young families are a key segment for the global insurer," says Samyr Mezzour, Chief Innovation Officer at HITS.

"In other words, Generali would offer services, prevention and assistance in addition to the classic protection provided by insurance coverage," says Michele Serra, Head of Product Development, Delivery and R&D at Generali Jeniot. "If the first purpose of an insurance service is ̵

1; first and foremost – to provide peace of mind, what better period to offer support to families than when there is a new life?"

Finding a doctor in unknown places

Relieving the pressure on individuals and health systems is also a great advantage for the Silver Award winner, Air Doctor. Those of us who have ever been ill abroad know that the first temptation is to go to the hospital. The idea of ​​finding a GP may seem too difficult when navigating an unknown health system. But going to the hospital is not always the best idea, sometimes entails unnecessary costs and, as COVID-19 has shown, possibly an additional burden for an overloaded emergency room.

This is where Air Doctor comes in. This digital platform provides travelers and expatriates with a network of physicians in 70 countries and six continents, along with details of their locations and specialties in four languages. It provides a digital way to book an appointment with them, whether they are in a clinic, at home or via telemedicine.

For insurers, Air Doctor provides a digital link to its customers, a network of physicians that they can examine and approve, and a way to keep patients away from expensive hospitals, as well as from hospitals that are potentially congested by the pandemic. Once again, Air Doctor is an example of how smart networks on an easy-to-use platform can make life easier for both consumers and suppliers.

Insuring customers in new ways

The bronze winner in the Insurtech category is bolt tech. Launched in 2020, Bolttech spans 14 markets in North America, Asia and Europe and its platform accounts for more than $ 5 billion in premiums. At the heart of bolttech's ecosystem is its insurance exchange, the world's largest platform of its kind. The exchange allows insurance guarantors to scale up their distribution directly and reach agents, brokers, operators and even non-traditional distribution partners such as resellers and telecommunications.

The company's technology is supported by a meticulous testing philosophy and agile software development techniques that allow this digital nativity can quickly swing when the market demands it.

"Innovation is in our DNA – we love experiments and we value the process as much as the results", says Rob Schimek, CEO of bolttech. "We put a premium on speed so we build our solutions internally, so that we can go faster to the market and maintain our competitive advantages."

As the name suggests, bolttech makes it as easy as possible for non-insurers to "screw up" insurance for their customers' online shopping trips, deepen the relationship and alleviate worries about, for example, buying a new phone and then dropping it on a hard drive. floor.

This is particularly valuable in markets that do not profit from insurance penetration is low-coverage against COVID-19 is one of the insurance lines that bolttech makes it easier to access. In Thailand, the medical plans on the platform have self-declared warranty – providing instant, easy coverage, with an average board time of just 90 seconds.

The future of insurance is digital. bAIby, Air Doctor and bolttech show how the power of digital networks makes our lives healthier and less stressful, by using Insurtech to mitigate risks in smart new ways that bring suppliers and customers closer together.

Insurtech mitigates risks in smart new ways that bring suppliers and customers closer together.

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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.
Disclaimer: This document applies to trademarks of third parties. All such trademarks of third parties belong to their respective owners. No sponsorship, endorsement or endorsement of this content by the owners of such brands is intended, expressed or implied.

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